HSBC hands finance chief £147,000 pay rise in executive rejig

February 22, 2021

HSBC Holdings is handing its finance chief a £147,000 pay rise after deciding to expand his responsibilities as part of the latest executive reshuffle at Europe’s biggest lender.

Sky News has learnt that Ewen Stevenson will see his base salary increase from £950,000 to almost £1.1m when he takes on oversight of the bank's transformation agenda and mergers and acquisitions strategy in April.

Sources close to the bank said Mr Stevenson, a former chief financial officer at NatWest Group, the state-backed lender, had decided to donate the first year's increase to charity.

His additional responsibilities, and the related pay rise, have emerged just hours before HSBC reports annual results that will be closely scrutinised for evidence of the tensions over its stance towards Beijing's new security laws in Hong Kong.

Insiders said an executive reshuffle would include Colin Bell, the bank's chief compliance officer, becoming chief executive of HSBC Europe and HSBC Bank plc.

Michael Roberts, who runs HSBC Bank USA, will take on broader responsibility for the Americas as the company retreats from retail banking in the US.

In changes which are expected to be announced later on Monday, HSBC will also relocate Stephen Moss to Dubai as chief executive for the Middle East, North Africa and Turkey.

All three men will report to Noel Quinn, HSBC's group chief executive.

Bloomberg News reported last week that a number of other executives would relocate to Hong Kong as part of a broader management restructuring, although these changes are not expected to be announced this week.

HSBC declined to comment on Monday morning.

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